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| Excise restoration fears spook cement stocks |
| BS Reporter / Mumbai Jun 18, 2009, 16:17 IST |
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ACC slumped 8% to end at Rs 758 on trades of 185,848 shares. Grasim ended with a loss of 6% at Rs 2,174.
Ultratech Cements slipped 5% to Rs 677. India Cements shed 5.6% at Rs 140.
However, Shree Cement ended flat at Rs 1,194.
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(Updated at 1412 hrs)
Cement stocks have dropped on worries that government may restore the excise duty cut on the industry.
Domestic cement makers feel that it would be unfair for the government to increase the tax as the industry had done well in the recession. The companies are weary that goverment may roll back the 4% excise cut which had benefited them.
Cement major, ACC opened in the red at Rs 817. It tried to recover and touched a high of Rs 821. However, the stock has tumbled 9% to the day's low of Rs 750. It is now trading at Rs 759, down 8%. Over 113,000 shares have been traded at the counter so far.
Grasim opened at Rs 2,300 and slipped further to touch a low of Rs 2,200. It is now trading near the day's low at Rs 2,206, down 4.7%. The counter has clocked a volume of 26,185 shares so far on the BSE.
UltraTech Cement has slumped 6.5% to Rs 665. India Cements has dropped 6% to Rs 140. Shree Cement has slipped 2.5% to Rs 1,170.
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